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The Eurozone economy is running hotter than thought but inflation is still dormant, signalling a shift in European Central Bank policy, meeting notes from December have revealed.

The euro rose against the dollar following the release of the minutes, up 0.9pc to $1.20 as markets expect the central bank to speed up its move away from its quantitative easing program.

Bank head Mario Draghi had seemed hawkish in his outlook speaking of his “greater confidence” in inflation prospects, but the minutes released on Thursday of the ECB’s monetary policy meeting show that there are some concerns about inflationary pressures.

The minutes said that "recent negative data surprises, in particular in services...